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Specifically, the company posted a net loss of USD 3.6 million, reversing from a profit of USD 1.8 million booked in the first quarter of 2017.

However, Marco Fiori, Chief Executive Officer of DIS, is far from discouraged.

“I do think all the macro variables are pointing towards a market rebound, and I think it is now only a matter of timing. Demand for seaborne transportation of refined products is expected to grow strongly in the next years, also on the back of the estimated increase in global economic activity,” he explained.

Furthermore, a significant share of the new world refining capacity is planned in the Middle East, away from some of the key areas of demand, driving the ton-mile demand for product tankers.